In a show of confidence in the wool industry, Moulamein, NSW, based woolgrowers Ian and Camilla Shippen exchanged contracts on the large scale livestock property Mount Fyans at Dundonnell.

Ian Shippen said it had been a long held ambition of his to operate a large-scale wether enterprise.

The 5900 hectare property was put on the market by Harmony Agriculture and Food Company (HAAFCO) which bought the property from the Earl of Stradbroke's in 2016 for a figure reported to be about $34 million.

Harmony managing director, Steve Meerwald, said HAAFCO’s ongoing strategy and investment would be redefined to focus on its Wagyu and grain-fed branded beef programs.

“Focusing on domestic programs that we have substantial control over will reduce volatility and provide a stable base from which the business can continue to develop.”

Mount Fyans included an eight bedroom, 1880s homestead featuring a 21-metre long hallway.